Boomers! Lots of benefits depending on your age:

For birth dates on or after January 1, 1960: Required minimum distributions are delayed from age 72 to age 75.
Births on January 1, 1951 through December 31, 1959: Required minimum distributions are delayed from age 72 to age 73.
If you are at least age 50 and contribute to a traditional IRA or Roth IRA: The $1,000 annual catch-up contribution is now indexed annually for inflation.
If you are age 58-61: Beginning in 2025, the 401(k) catch-up contribution (currently $6,500) can be as high as $10,000.
If you are at least age 70 ½ and charitably inclined: You can still make qualified charitable distributions directly from your IRA, benefiting from the tax deduction even if you do not itemize your deductions.

Small business owners:

New 401(k) retro-deferral rules for sole proprietors for plan years beginning after date of enactment. For example, new plan in March of ’24—can make both profit-sharing and deferral contributions for ’23.

New options for making Roth contributions, including SIMPLEs, SEPs, employer matching, and profit sharing.

Retirement plan investors who are public safety workers or impacted by domestic violence, natural disasters, long-term health care expenses, or terminal illness:

10% tax penalty for early withdrawals may be waived, subject to various limitations.
Terminal illness exception has broad definition, with seven-year life expectancy and distributions repayable for three years.

Anyone widowed in 2024 or later, if survivor is younger than decedent:

New option affecting required minimum distributions.
Can be elected post-death.
Requires expert planning to evaluate all available options.

Anyone saving for retirement:

Roth 401(k) contributions are not subject to required distributions at age 72, 75, or ever. You can continue tax-deferred growth as long as you like, just as you can with Roth IRAs.
Importantly, high-income earners can make Roth 401(k) contributions (unlike Roth IRAs).

Anyone with excess assets in their 529 college savings plan:

Assets can be transferred to a Roth IRA for the 529 plan beneficiary.
Subject to a lot of limitations, including:

529 assets must be sufficiently “aged” (account established at least 15 years ago; contributions made within past five years are not eligible).
Annual transfer is limited to the IRA annual contribution limit. Counts as a contribution. Beneficiary must have compensation greater than or equal to the contribution amount.
Maximum lifetime transfer of $35,000.

As with any new legislation, the details are fuzzy but will become clearer over time. The information presented here is for educational purposes only and should not be construed as tax or investment advice. Please contact us with questions or for specific advice about your personal financial plan.